Tag: accounting
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Helpful tips when launching your own business
Got plans to start something new? You’ll need to check out these helpful tips when launching your own business. It’s essential that you plan out your business before you even start it. Make sure all the documents and your offer will be something that stands out. Opportunities arise at many occasions and grasping that opportunity […]
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Fundamental Accounting Principles
Generally accepted accounting principles (GAAP), are common standards and procedures issued by the Financial Accounting Standards Board (FASB). It encompass the details, complexities, and legalities of business and corporate accounting. Although there are plenty of guidelines that make up GAAP, these 10 basic principles are the most commonly practiced by any business accountant. Basic Accounting Principles 1. […]
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Accounting Terms: Profit VS Profitability
Are they the same? What is the difference between Profitability and Profit? Two accounting terms that every business owner encounters. Although they may look similar, they are not entirely the same. Both are accounting metrics used in analyzing the financial success of a business. Accounting Terms Definition Don’t confuse the two accounting terms. Profit is […]
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Accounting Basics for Small Businesses
Managing finances can be daunting and time consuming but don’t let yourself be overwhelmed by the numbers. Small business owners struggle with this on a daily basis but if you make sure to set aside time to do some of these accounting basics, you’re well on your way to lightening the load on your reports. […]
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Uses of QuickBooks for Small Business
QuickBooks is an accounting software that helps small businesses manage their income and expenses. Small businesses use it to create invoices, reports, journal entries, and to check the company’s financial status. Intuit offers QuickBooks for small business owners and startups. This can benefit a multitude of people—from entrepreneurs to medium-sized enterprises—looking for better financial automation. […]
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QuickBooks Online: Journal Entry
Simply put, a Journal Entry is a record of all accounting transactions made by the company and entered in a General Ledger. QuickBooks Online takes in these transactions automatically and inputs the collected data into the general ledger for them to be prepared into reports. Transactions like bills, checks, invoice, etc. will be posted as […]
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What’s new in QuickBooks this July 2020
Each month, QuickBooks gives it’s users updates and new features with their online system. This makes work easier so that you have more time to focus on work or family. Check out what QuickBooks has rolled out this month! • Customizable email address for receipt and bill forwarding• Workflows: Invoice approvals• New user productivity center – Tasks• Two new […]
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Factors to consider before starting a business
Having the drive and ambition to start a small business requires a lot of courage and skill from a budding entrepreneur. Being a small business owner will take a lot of your time and resources but, if done correctly, it will help you gain success. Consider these factors before starting your business and you’ll be […]
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What to do when your business is in a slump
This happens to every business owner. You come up with an idea, it takes off and you’re earning money. Things seem to be looking up. Then one day, you start to plateau or maybe even see a decrease in sales. It’s hard when something you’ve worked so hard on is not gaining profit—and if it […]
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A guide to taxes for Business Owners
Consider these tips when filing you business taxes. Taxes are a normal part of daily business operations. Every business owner, whether small or large, must oblige to such rules to keep the company running. Here are some tips to consider as when paying for business taxes. Completing and Filing Your Business Tax ReturnPaying Self-Employment TaxPaying […]